Essay ON BLACK MONEY-EVILS AND REMEDIES

Introduction

Money is the medium of transaction in the civilized societies. It is toady present in two forms-apparent and hidden. In its first form it is legal and it is open for taxa tion. In the second form it is illegal and is not exposed for taxation.

Why there is the black money?

The black money is the result of the activities of dishonest persons. It is the off spring of cunningness and underhand policy. Hence it is underhand earnings. It is an unaccounted money. It is an evaded money. Hence it is called black money.

Sources of the black money

Black money as a matter of fact came into being during the Second World War. During war-time government imposed control on certain commodities. It gave good opportunities to people to make big profits. Since then it has been increasing from year to year. Now at present according to the government sources, the figures of black money have gone up to 22000 crores in our country.

Steps to check black money

It is the essential duty of the government to take necessary steps to check the growth of the black money. Such steps are necessary in the interest of the whole society. These steps may be the following:

1. First of all public conscience should be sufficiently aroused against anti-social elements. The anti-social elements are hoarders, black-marketeers, tax-evaders, smugglers, speculators and other people who take pleasure in such anti-social activities.

2. Next tax evasion should be checked by plugging loop holes in the system.

3. The tax administration should be made fit to encourage increase in the taxes.

4. The tax rates should be made helpful to some extent in solving this problem. For this purpose the tax rates should be lowered. The tax rates should be such as may encouraged the tax payers to pay taxes gladly. At present the attitude of tax-department is negative towards tax payers. In future it should be positive. In brief, the tax payers should not resist against authorities.

5. Further, our economy should be corrected. Concentration of wealth has resulted on account of two factors-1. tax avoidance or evasion, 2. the way in which our economy has been operating. In spite of two decades of planning, concentration of wealth has increased. This increase of wealth in the hands of a few persons has encouraged more black money, black marketing, smuggling etc. Now our Prime Minister’s twenty point programme will help a lot to check black money.

Conclusion

Voluntary disclosure scheme has helped a lot. However, the co-operation of the public specially of businessmen is much required.

Vocabulary

Transaction- business, Illegal- unlawful, Offspring- product, Underhand- improper, अनुचित | Evaded- avoided, टाला हुआ। Speculators- those who deal in transactions of a risky nature, Plugging- closing, Loopholes- flaws, कमियाँ, छेद । Concentration- accumulation, एकत्रित करना ।

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